i do both, separately and also together. . some 10"high raised beds have just logs and branches with manure,green grass,branches etc mixed in to 3' deep below grade. when i had chips i threw them in too.
nicole's right, i get all mine for free here,good on-giong relationship with 1 father/son company ,he also drops off good solid logs if i want em. even sharpen my chains now n then!great guys. i am working on slabbin a giant hickory log now he gave me weeks ago, it's a beast! musta saved them a few hundred in time,labor and dumping fees.i finally split it open today and it's beautiful.
the woodchips are a wonderful resource.mulch,hugel beds,fill. with most places you might have to take a full load which can be around 20 yards. i have taken this much in the past ,it's a lot of work to cart around the yard!to be sure! but well well worth the effort, the stuff i moved 3-4 years ago is excellent humus soil below now!!!i use it for potting mix all the time.
thes hugel beds are only in their 1st season but are doing amazingly well already. granted i did add copious amounts of homemade compost,worm-castings and other organic matter.
here are a few links
half-arsed vid of garden and my hybrid raised/sunken hugel beds, "etc"
album of hugelkultur beds in our garden
current month's bounty !
kent's advce shouldnt be taken lightly! a nice tip goes a long way! i share soem of our veggies with my guys when they pop through.